Essentials of Economics offers brief yet balanced coverage of basic microeconomic and macroeconomic principles. Designed for the one-semester course, the fifth edition provides students with a practical view of economic theories through thoroughly updated real-world examples, applications, and data. Gregory explores numerous modern topics in a non-technical manner, including modern industrial organization, information economics, public choice and adaptive and rational expectations. Coverage of modern microeconomics sets the stage for a discussion of macroeconomics, providing a logical sequence that parallels how the field evolved.